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DAYTONA BEACH, Fla.--Brown & Brown Inc. reported double-digit revenue and income growth for the first quarter of 2007, the Daytona Beach, Fla.-based brokerage said late Monday.
Revenues were up 12.1% to $258.5 million, while net income improved 19.4% to $59.7 million. Nearly half of its profit increase in the quarter came from the sale of approximately 50% of its long-term investment in Rock-Tenn Co. at a pretax gain of $8.8 million, Brown & Brown said.
Since the beginning of the year, the brokerage has completed 10 acquisitions with total annualized revenues of approximately $46.1 million, Jim W. Henderson, vice chairman and chief operating officer, said in a statement.